The strong financial performance gives us the confidence that we are on the right business trajectory.

the strong financial performance gives us the confidence that we are on the right business trajectory


This evolution has resulted in increased vehicle intelligence and driver efficiency and safety.

this evolution has resulted in increased vehicle intelligence and driver efficiency and safety


and what the credit and underwriting looks like. We have and will remain cautious

and what the credit and underwriting looks like we have and will remain cautious


which will also be an integrated project with heater supply and storage included.


But we'll continue to get additional capacity benefits as we

but we'll continue to get additional capacity benefits as we


not just for '19, but I think it's the way we think about the business, which is to have kind of,

not just for '19 but i think it's the way we think about the business which is to have kind of


When we look at what impacted our performance and we try to trace it,

when we look at what impacted our performance and we try to trace it


We are very well situated to be able to take advantage of that. We've got available capacity

we are very well situated to be able to take advantage of that we've got available capacity


and our expectation is that the ongoing tax rate will continue to be


to see if there's any type of irrational build. But I think it's a combination of those 2 factors.

to see if there's any type of irrational build but i think it's a combination of those 2 factors


We haven't yet put it in full use, but that is a matter of days or weeks.

we haven't yet put it in full use but that is a matter of days or weeks


So we think that's one of the reasons we believe as a company we're still in the early innings,

so we think that's one of the reasons we believe as a company we're still in the early innings


as a result of the developments occurring after today's call, except as required by law.

as a result of the developments occurring after today's call except as required by law


I would now like to turn the conference over to Lori Novickis, Director of Corporate Relations. Please go ahead.

i would now like to turn the conference over to lori novikas director of corporate relations please go ahead


China is one of the world's fastest growing payments markets and is leading the way in payments innovation.

china is one of the world's fastest-growing payments markets and is leading the way in payments innovation


because for semiconductor, the capacity and funding

because for semiconductor capacity and funding


I guess can you share what you've learned so far and what has been selling better through that site?

i guess can you share what you've learned so far and what has been selling better through that side


margin during the first quarter primarily due to higher deposit costs.


where existing rental levels allow us to profitably transition to this different use.


Although we have not seen much of it, we still expect some increase in portfolio impairments in the second half.

although we have not seen much of it we still expect some increase in portfolio payments in the second half


Well, when we roll out a product, we roll that product out in all markets. So we're not

well when we roll out a product we roll that product out in all markets so we're not


has been no balance sheet deployment in over 10 years. And of course, this is the second

there's been no balance sheet deployment in over 10 years and of course this is the second


getting the wood business and then excited to talk to you a little bit more about it once we close.

getting the wood business and excited to talk to you a little bit more about it once we close


the higher margins are in other applications,


We opened up 3 new properties in London in the back half

we opened up 3 new properties in london in the back half


faster growth, especially through digital transformation, that continues to be the reason

faster growth especially through digital transformation that continues to be the reason


It would be -- not anything of any significance.

it would be -- not anything of any significance


I would remind you that we also amended our senior credit agreement in July.

i would remind you that we also amended our senior credit agreement in july


and second, the transition of realized performance revenues from one generation of funds to the next.

and second the transition of realized performance revenues from one generation of funds to the next


we expect to report material weaknesses in our internal controls over financial reporting


And the second question is coming under the Brazilian discussions again

and the second question is coming on the brazilian discussions again


improvements in the product. You can go to the website and see some of the things that are going on with it.

improvements in the product you can go to the website and see some of the things that are going on with it


But for the time being, we're pretty confident that we'll move pending the IPT results,

but for the time being we're pretty confident that we'll move pending the ipt results


Can you give us any help with where you think that will end up at the end of the year?

can you give us any help with where you think that will end up at the end of the year


and factors underlying this outlook and other expectations discussed on today's call.


in accessing the dead capital markets to both improve our liquidity and lower our cost of capital.

and accessing the debt capital markets to both improve our liquidity and lower our cost of capital


Analyses can be conducted when needed during this period to support regulatory submissions.

analyses can be conducted when needed during this period to support regulatory submissions


We believe that both the fundamental and technical landscape in residential credit will remain favorable,

we believe that both the fundamental and technical landscape in residential credit will remain favorable


I've not talked much about these. I haven't put out a whole bunch of press releases, and you'll hear a whole bunch of things in the next

i've not talked much about these i haven't put out a whole bunch of press releases and you'll hear a whole bunch of things in the next


They're always not sure of an investor-owned utility's motive in wanting to do something together.

they're always not sure of an investor-owned utilities motives in wanting to do something together


with varying population densities, age and income demographics.

with varying population densities age and income demographics


So very difficult to give you a good idea about what the number will be next quarter.

so very difficult to give you a good idea about what the number will be next quarter


The key focus as discussed on the last several calls has been our advisory programs

the key focus as discussed on the last several calls has been our advisory programs


if you could box it in of, do you still have AUM in those channels?

if you could box it in of do you still have aum in those channels


We're also creating a third MAP program, which we'll call MAP Direct,

we're also creating a third map program which we'll call map direct


that the bulk of the increased CapEx that is basically that

that the bulk of the increased capex that is basically that we


And we therefore see the CASA journey continuing to be pretty robust and strong

and we therefore see the katha journey continuing to be pretty robust and strong


just to be a little clearer, you're assuming it's coming on. And

just to be a little clear you're assuming it's coming on and


notwithstanding that you still have history here. History lets you be in the queue so that you know that you can

notwithstanding that you still have history here -- history lets you be in the queue so that you know that you can


We are largely doing this by increasing our retirement savings match of associate contributions

we are largely doing this by increase our retirement savings match of associate contributions


these are always hard because it depends on what happens with which currency. But just most broadly,

these are always hard because it depends on what happens with which currency but just most broadly


pulling 2 big companies like this together and 2 sales forces and the uncertainty that comes from that,


retail space to have a very strong service and experiential component to the business.


In this segment, our home infusion customers become a type of

in this segment our home infusion customers become a type of


At the state and local levels, funding trends are improving. And now we are increasingly optimistic

at the state and local levels funding trends are improving and now we are increasingly optimistic


and that's the extent of it. There's no exaggerated impact due to inventory corrections

and that's the extent of it there's no exaggerated impact due to inventory corrections


Thank you for the question. We don't


and can be found in the Investors section under the heading Events and Presentations.

and can be found in the investors section under the heading events and presentations


will position the company to build upon this momentum through the balance of the year.


Are you also realizing some benefits from the restructuring? And can you update us on

are you also realizing some benefits from the restructuring and can you update us on


The first half is -- your question was asking

the first half is -- your question was asking


leading to the financial consequences we've seen before, and that's the reason why we've

leading to the financial consequences we've seen before and that's the reason why we've


it also can assist them in capturing more data about their patrons' spending habits.


either through an alliance or through setting up a different model to service them internally


So could you maybe speak to what's changed in the market over the last year that's allowing for these improved win rates?

so could you maybe speak to what's changed in the market over the last year that's allowing for these improved win rates


company that did not -- was not able to use international tax systems to defer tax


we have also invested significantly by adding capacity for future growth.


there's tremendous value in accelerating that whole process, going from materials

there's tremendous value in accelerating that whole process going from materials


beginning with the decision to terminate all of our property reinsurance programs,


approximately 0 currency impact that was included in our previous guidance estimate.


And I think you mentioned it before, but just to get a little bit more color on it.

and i think you mentioned it before but just to get a little bit more color on it


Net proceeds after expected taxes and transaction-related payments

net proceeds after expected taxes and transaction-related payments


and to have some cash for new acquisitions.


The operating income reduction in the quarter was primarily driven by lower revenue.

the operating income reduction in the quarter was primarily driven by lower revenue


The range of capital spend in the fourth quarter will be dependent on timing of completing projects at Oakdale and Van Hook

the range of capital spend in the fourth quarter will be dependent on timing of completing projects at oakdale and van huk


also provide us with greater insight into the requirements of our key shopper groups.

all to provide us with greater insight into the requirements of our key shopper groups


And their customers who are on 3G are going to have a worse experience. So

and there are customers who are on 3g are going to have a worse experience so


What NextGen offers our clients today compared to 2 years ago is worlds apart.

what nextgen offers our clients today compared to 2 years ago is worlds apart


And so yes, we would hope that as they put their network nodes in some of these other countries

and so yes we would hope that as they put their network nodes in some of these other countries


The new agreement does not contain changes to the material terms such as pricing terms, renewal rights,

the new agreement does not contain changes to the material terms such as pricing terms renewal rights


And finally, transfer of operatorship is likely to complete by year-end,

and finally transfer of operatorship is likely to complete by year-end


including solid contributions from our new Franchise and Transportation origination platforms.

including solid contributions from our new franchise and transportation origination platforms


So we're in a competitive market. Price is very important, but we're getting better

so we're in a competitive market price is very important but we're getting better


And in many cases, veterinarians and even pet owners approach us with heartwarming stories

and in many cases veterinarians and even pet owners approach us with heartwarming stories


Increased midstream sales were fueled by several large transmission projects,

increased midstream sales were fueled by several large transmission projects


both internally in terms of the things that we spoke about, the efficiencies in the back office and the trading

both internally in terms of the things that we spoke about the efficiencies in the back office and the trading


than the industry from an auto perspective, and I am confident that when you do the sum of the tapes

than the industry from an auto perspective and i am confident that when you do the sum of the tapes


This transaction was in line with our strategy to diversify our product portfolio and revenue streams.

this transaction was in line with our strategy to diversify our product portfolio and revenue streams


corruption allegations and things that were going on was basically funding getting tied up and money,


That's the tops of the trees type comments. And now if you want me to get into the specifics,

that's the tops of the trees type comments and now if you want me to get into the specifics


and we feel like that we've provided the details and tables necessary to understand our performance.


continued growth in urology in Europe and Japan and multispecialty growth in Korea and China.

continued growth in urology in europe and japan and multi-specialty growth in korea and china


is where we have taken action to implement a saving, but it hasn't actually begun

is where we have taken action to implement a saving but it hasn't actually begun to


is it more of a kind of do smaller deals and kind of creep up


Currency is not expected to impact the first half guidance.

currency is not expected to impact the first half guidance


But because of the nature of that service line, we do not expect it to impact the bottom line

but because of the nature of that service line we do not expect it to impact the bottom line


And we may lose 1 or 2 and replace them, so we don't really see that there's a lot of

and we may lose one or two and replace them so we don't really see that there's a lot of


where most of our competitors can only generate a single OTT revenue stream.

where most of our competitors can only generate a single ott revenue stream


safely assume that you expect that business, that segment, I should say, to grow

safely assume that you expect that business that segment i should say to grow


For many, Windstream represents one of the most challenging hands to play.

for many windstream represents one of the most challenging hands to play


profitable growth for the group. That is a very key element in our discussions.

profitable growth for the group that is a very key element in our discussions


my question would be, your technology and its efficiency and speed

my question would be your technology and its efficiency and speed


So next year in South America, we can see that as a growth driver for

so next year in south america we can see that as a growth driver for


It's more just about an inflection of it not being as high as it used to be. So it's

it's more just about an inflection of it not being as high as it used to be so it's


these are products that aren't even fully defined by the prospective customers.


If everybody had been sitting around doing nothing last week, which certainly wasn't the case, because we were

if everybody had been sitting around doing nothing last week which certainly wasn't the case because we were


The remaining 7 topside models and jacket are planned to be removed

the remaining 7 topside modules and jacket are planned to be removed


you'll probably get a little tick up again in margins. Then what happens is, as it starts to go up,

you'll probably get a little tick up again in margins then what happens is as it starts to go up


the lower-end customers that don't use all the high products, but they like a nice mid-cut.

lower end customers that don't use all the high products but they like a nice mid cut


We also told you that if we didn't do it, you should have lowered your revenues in the future because

we also told you that if we didn't do it you should have lowered your revenues in the future because


We believe that this transition will make our dividend policy easier to understand and follow,

we believe that this transition will make our dividend policy easier to understand and follow


Growth in demand came largely out of China, which accounted for all of the growth in the market

growth in demand came largely out of china which accounted for all of the growth in the market


And the reason for that is all the things Greg just articulated. I mean in addition to

and the reason for that is all the things greg just articulated i mean in addition to


As you know, Titan received a Notice of Allowance from the European Patent Office

as you know titan received a notice of allowance from the european patent office


should be given to us is 50% of the capacity of the factory.


As we have stated, we will seek to balance growth, operating leverage and investment in the business.

as we have stated we will seek to balance growth operating leverage and investment in the business


I think Dime has given itself a great opportunity not to have to get back into that game if we choose not to this year.

i think daimler's given itself a great opportunity not to have to get back into that game if we choose not to this year


Yes. So let me just start off with a few comments on cash flow and then I'll move to the dividend.

yes so let me just start off with a few comments on cash flow and then i'll move to the dividend


This charge for early extinguishment of debt is included in our results as a special item.

this charge for early extinguishment of debt is included in our results as a special item


we continue to keep pace through innovative product developments and external investments.


So many of the big payers would tell you that they believe that they pay for EXPAREL today.

so many of the big payers would tell you that they believe that they pay for exparel today


when you can get the cost in line, it's going to displace its predecessor.

when you can get the cost in line it's going to displace its predecessor


Without this additional stock build, our metrics would have been at least in line with the prior year.

without this additional stock build our metrics would have been at least in line with the prior year


is to make sure that we run those operations with the highest productivity.


being very interested in how this management team and prior management teams, for that matter,

being very interested in how this management team and prior management teams for that matter


And over the coming months, our marketing team will bolster our renewed investing vigor.

and over the coming months our marketing team will bolster our renewed investing bigger


For the year, the share of our home closings on -- in our divisions outside of Texas

for the year the share of our home closings in our divisions outside of texas


We continue to evaluate the marketplace dynamics and adjust our strategies as needed.

we continue to evaluate the marketplace dynamics and adjust our strategies as needed


As we did our market research and talk to physicians about this opportunity they said, hey, if there was a program like that,

as we did our market research and talked to physicians about this opportunity they said hey if there was a program like that


as we prepare for full scale deployment of our fuel designs in Asia and around the world.

as we prepare for full-scale deployment of our fuel designs in asia and around the world


As far as the sponsorship and Bristol, we'll continue to work with them to put the data out in the right

as far as the sponsorship in bristol we'll continue to work with them to put the data out in the right


Let me also touch on a few financial aspects outside of the execution on our key priorities.

let me also touch on a few financial aspects outside of the execution on our key priorities


The Air Force recently experienced delays in processing military tuition assistance

the air force recently experienced delays in processing military tuition assistance


We've continued to be diligent in managing our balance sheet while maintaining financial flexibility.

we've continued to be diligent in managing our balance sheet while maintaining financial flexibility


Simply put, our clients are working with us to create the future of pharmacy.

simply put our clients are working with us to create the future of pharmacy


Our operational efficiencies continue to improve. During the second quarter alone,

our operational efficiencies continued to improve during the second quarter alone


some likely or known moves as you think about rolling from the fourth quarter


Secondly, Energy is now stabilized and should see easier comparisons as we move forward.

secondly energy is now stabilized and should see easier comparisons as we move forward


Those are the things that we see lessening going forward

those are the things that we see lessening going forward


when you've been in a down trod for a while, you got to build it back up, and it just the nature of the beast.

when you've been in a downtrend for a while you got to build it back up and it's just the nature of the beast


So a bit earlier in the second half of the year, yet no change to how we see the full year playing out.

so a bit earlier in the second half of the year yet no change to how we see the full year playing out


starting with the sales force, merchandising, going on with logistics

starting with the sales force merchandising going on with logistics


the bar could be higher for comparative purposes and that shareholders may be better served if it were.


As I have said previously, we will keep alert to opportunities around the globe,

as i have said previously we will keep alert to opportunities around the globe


our plan here is that we're going to make one final attempt and approach over the coming weeks.


and so we're starting to sell some of our analytics services and some of the other high-value training and other services


As Chris described, we will continue to manage the business in anticipation of increased overall competition

as chris described we will continue to manage the business in anticipation of increased overall competition


These are subscriptions for business -- for employees and customers that we work with.

these are subscription for business for employees and customers that we work with


On the next slide, we provide a little more background on the Noble acquisition.

on the next slide we'll provide a little more background on the noble acquisition


wholly owned by Rosemore Inc., and we were an early mover into the Delaware Basin.

wholly owned by rosemount incorporated and we were an early mover into the delaware basin


Further evidence of the superior execution achieved during the first -- during fourth quarter,

further evidence of the superior execution achieved during the first -- during the fourth quarter


to try and build a more -- a better foundation and more profitable brand in the future. And so

to try and build a more -- a better foundation and a more profitable brand in the future and so


you can see that the increased number of settlements from our strong


Now let me turn it over to Al to review the quarter's operations in more detail.

now let me turn it over to al to review the quarter's operations in more detail


business focus, not only on oil, but moving into gas, and that has alleviated a lot of the problems for them.

business focus not only on oil but moving into gas and that has alleviated a lot of the problems for them


largely due to the 10 additional aircraft we leased and improved results from our airlines.


Yes, it was our decision, based on -- we took a look at our initial plans

yes it was our decision based on we took a look at our initial plans


more commodity price inflation in our businesses than we originally anticipated,


while also improving current safety and driver retention and other initiatives.


we maintain our design basis but look at everything possible we can to be more efficient.


in terms of exactly when we're going to be shipping to the job.


is return capital to our common equity holders, right. We're quite conscious of the

its return capital to our common equity holders right we're quite conscious of the


As to what are the various vectors on which we can improve quality, you referred to some of them,

as to what are the various vectors on which we can improve quality you refer to some of them


we have confirmed the rights we have under our existing license agreement to the extended


Combining these midstream interruptions and the earlier delays of our Vaughn and Baird pads,

combining these midstream interruptions and the earlier delays of our vaughn and baird pads


automation at that site. So there are lots of things that needs to start to work together.

automation at that site so there are lots of things that needs to start to work together


what kind of number do you think would be in a broad sense

what kind of number you think would be in a broad sense


Gray accumulated a tremendous amount of political through the course of the year,

gray accumulated a tremendous amount of political through the course of the year


basically aren't going to sell it in markets where they don't have linear network.


large volumes of LNG available at competitive prices.

large volumes of lng available at competitive prices


and we hope to be able to make the FID on the infrastructure shortly.

and we hope to be able to make the fid on the infrastructure shortly


As you may recall, we had been working hard to improve utilization of our assets.

as you may recall we had been working hard to improve utilization of our assets


From our perspective, these items hide the fact that the underlying performance of the group has been solid.

from our perspective these items hide the fact that the underlying performance of the group has been solid


Beginning last year, we have worked to make it easier for investors

beginning last year we have worked to make it easier for investors


I think if that factor was not there, there'll still be lots of puts and takes.

i think if that factor was not there there'll still be lots of puts and takes


And generally, what we look for when we talk about the experienced relationship manager

and generally what we look for when we talk about the experience relationship manager


on key business outcome metrics and to plan cross-functionally all the way through


When looking at kind of a possible Speedway separation, do you view

when looking at kind of a possible speedway separation do you view


back in over the next couple of quarters. Is there any way you can quantify or give us a range of

back in -- over the next couple of quarters is there any way you can quantify or give us a range of


if the market gets more interesting here, I think we still feel very comfortable with the product that we're offering.

if the market gets more interesting here i think we still feel very comfortable with the product that we're offering


And I guess that's different by market, but I think that's been a benefit to all carriers in Canada. Is

and i guess that's different by market but i think that's been a benefit to all carriers in canada


A quick look at the table that's before you shows that all of our key metrics are moving in the right direction,

a quick look at the table that's before you shows that all of our key metrics are moving in the right direction


and I'm happy to report we've covered good ground in fulfilling these obligations.

and i'm happy to report we've covered good ground in fulfilling these obligations


There could be significant settlement negotiations with providers in

there could be significant settlement negotiations with providers and


All of these elements are critical in enabling us to return the company to profitability

all of these elements are critical in enabling us to return the company to profitability


Can you size that at all in terms of revenue dollar?

can you size that at all in terms of revenue dollars


It's a little bit early, but I think we're going in the right direction. In fact, we just

it's a little bit early but i think we're going in the right direction in fact we just


and speak to the opportunity we have to continue to deepen our penetration of season passes

and speaks to the opportunity we have to continue to deepen our penetration of season passes


Actually, the people working in the kiosks weren't really impressed with having a new

actually the people working in the kiosks weren't really impressed with having a new


that goes up and down and the industrial municipality environments are strong on the drilling side.

that goes up and down and the industrial and municipality environments are strong on the drilling side


Our effective tax rate for federal and state income taxes for the fourth quarter

our effective tax rate for federal and state income taxes for the fourth quarter


and we are well into that process of getting there.


And the bigger pictures are typically discussed more in

and the bigger pictures are typically discussed more in


This guidance includes all businesses acquired to date. The majority of these

this guidance includes all businesses acquired to date the majority of these


I just think that it also underpins it. When we come to the CapEx situation,

i just think that it also underpins that when we come to the capex situation


okay, but that's going to come in at a portfolio company and would wind up

okay but that's going to come in at a portfolio company and would wind up


going forward and some of the opportunities that it presents


Once again, thank you for your interest in Calix, and thank you for joining us today. Goodbye for now.

once again thank you for your interest in calix and thank you for joining us today goodbye for now


During the coming quarters as we invest the committed capital which has been entrusted to us,

during the coming quarters as we invest the committed capital which has been entrusted to us


Yes, so these are measures that we would consider if we see that

yes so these are measures that we would consider if we see that


and we are tracking towards a meaningfully higher level of FRE by year-end.

and we are tracking towards a meaningfully higher level of fre by year-end


by providing a convenient method for residences to properly dispose of unused medications,


and the infrastructure in place to drive growth in all these markets, and we're ready to meet the challenges ahead.

and the infrastructure in place to drive growth in all these markets and we're ready to meet the challenges ahead


it be a possibility concerning FMI business?

will it be a possibility concerning fmi business


in 2017, a straight line going forward, but we are confident that we will

in 2017 a straight line going forward but we are confident that we will


so how should we think about the stake going forward? Are you just planning to dribble it out onto the market? Or

so how should we think about the state going forward are you just planning to dribble it out onto the market or


And that is a very positive result that we see here,

and that is a very positive result that we see here


please see the documents we file from time to time with the Securities and Exchange Commission.

please see the documents we file from time to time with the securities and exchange commission


But having said that, it was a relatively small test. So these were 3 markets,

but having said that it was a relatively small test so these were 3 markets


So as a result of that, while we have still I think outperformed the peer group

so as a result of that while we have still i think outperformed the peer group


While we continue to project a modest improvement in our product support revenues from last year,

while we continue to project a modest improvement in our product support revenues from last year


for fixed asset impairments related to the upcoming relocation of the corporate headquarters,


With the improvement in performance, we saw an increase in the number of funds receiving an overall ranking

with the improvement in performance we saw an increase in the number of funds receiving an overall ranking


We have no reason to believe it will not, and we believe it just still be firmly in the queue.

we have no reason to believe it will not and we believe it's to still be firmly in the queue


get an update, make sure that we're on track here. What we should expect in terms of progress,

get an update make sure that we're on track here what we should expect in terms of progress


nice explanation why it dropped in terms of bringing in new

explanation of why it dropped in terms of bringing in new


Metal pricing continues to trend higher for almost all of the products we sell.

metal pricing continues to trend higher for almost all of the products we sell


today. Are you running ahead of where you were this time last year?

today are you running ahead of where you were this time last year


At this time, I would like to turn the call over to Mr. David Calusdian from the company's Investor

at this time i would like to turn the call over to mr david kaloustian from the company's investors


So far, we've had very strong client retention and very positive feedback from clients.

so far we've had very strong client retention and very positive feedback from clients


what that is in a little bit more detail? And how should we think about that? Is that just a function of

what that is in a little bit more detail and how should we think about that is that just a function of


familiar and very experienced with the overall European market, they are the

familiar and very experienced with the overall european market they're the


until cash proceeds from the sale of Employee Benefits are received at the holding company.

until cash proceeds from the sale of employee benefits are received at the holding company


We highlight the distinction between current and deferred taxes, since we find this to be important.

we highlight the distinction between current and deferred taxes since we find this to be important


Our sales team is excited to have the new product to sell, and we are seeing an increase in take rates.

our sales team is excited to have the new product to sell and we are seeing an increase in take rates


Along with new sites and maturing markets, we have also begun our remodel program.

along with new sites and maturing markets we have also begun our remodel program


We also recently announced the delivery of our first aileron and flap assemblies

we also recently announced the delivery of our first aileron and flap assemblies


all with an eye toward creating the strongest possible ongoing value to our customers.


refurbishing and compliance with the new regulations in Germany

refurbishing and compliance with the new regulations in germany


But just you shipped less, because they want to see how it actually plays out,

but just you shipped less because they want to see how it actually plays out


As America strives to become healthier, the first step for many is to embark on a weight loss journey.

as america strives to become healthier the first step for many is to embark on a weight loss journey


These tools also provide additional data that we use to improve the overall customer experience.

these tools also provide additional data that we use to improve the overall customer experience


compared to a net usage during the same period last year, despite lower reported net income.

compared to a net usage during the same period last year despite lower reported net income


We continue to see strong sales growth from several new and existing customers.

we continue to see strong sales growth from several new and existing customers


I would say excluding brands that we own,

i would say excluding brands that we own


We continue to move forward with our other restructuring efforts outside of Germany,

we continue to move forward with our other restructuring efforts outside of germany


and proof that all the profitability measures implemented in the region have become structural,

and proves that all the profitability measures implemented in the region have become structural


driven by growth in most of our major end markets and regions.


to ensure we fully involve and leverage the resources of the broader nephrology community.


but they also felt that they would like to see a longer observation period than the 8 weeks,


So kind of taking your last point first. I continue to think that a comment we made very early in last year about

yes so kind of taking your last point first i continue to think that a comment we made very early in last year about


with the intention of building stronger customer loyalty and sustainable market share gains.


Because of this platform, we are able to start to pull in new apps to our clients.

because of this platform we are able to start deploying new apps to our clients


but don't take our word from that, here is some direct feedback from a number of newly secured

but don't take our word from that here's some direct feedback from a number of newly secured


We're doing all the things necessary to deliver a great result to our clients on top of our technology

we're doing all the things necessary to deliver a great result to our clients on top of our technology


so that we know that this -- what we put into you data center is sticky. We know we want them to be contiguous.

so that we know that this -- what we put into your data center sticky we know we want them to be contiguous


which I think actually serves us very well. And even those customers that are

which i think actually serves us very well and even those customers that are


We continue to experience the positive momentum in our Europe business that began last quarter.

we continue to experience the positive momentum in our europe business that began last quarter


talk about what we need to do to potentially serve them in a broader way.

talk about what we need to do to potentially serve them in our broader way


June and fully coming in effect in the middle of July.

june and fully coming in effect in the middle of july


and to successfully integrate and operate assets in businesses that are built or acquired.

and to successfully integrate and operate assets and businesses that are built or acquired


or we're buying our stock back. Those are all investment decisions, and we look at what all of those things

or we're buying our stock back those are all investment decisions and we look at what all of those things


we haven't told you what we think revenue growth will exactly be


As a result, we would not be required to have our independent orders complete their report

as a result we would not be required to have our independent auditors complete their report


So that gave us an opportunity to take advantage of that. We have

so that gave us an opportunity to take advantage of that we have


as a result of the withdrawal of troops from Afghanistan in the fourth quarter

as a result of the withdrawal of troops from afghanistan in the fourth quarter


so the shift in the early season is typically greater, and then moderates in the second half.

so the shift in the early season is typically greater and then moderates in the second half


and that rate change is going to mean that we're paying


in this market because what has definitely changed is that the consumers


that would allow us to execute quickly as opportunities arise to garner share.


as strategic opportunities come up. So I would note that this is the seasonal low

as strategic opportunities come up so i would note that this is the seasonal low


They're becoming unique in the space in K-12, where our historic competitors

they're becoming unique in the space in k-12 where our historic competitors


we haven't historically seen from clients that maybe haven't even historically outsourced this function.


but we do want to always think about positioning our product portfolio as we go forward.


the new wave of digital transformation is all about the customer. Everything starts and begins

the new wave of digital transformation is all about the customer everything starts and begins


A reconciliation to comparable GAAP measures is available with our earnings release.

a reconciliation to comparable gaap measures is available with our earnings release


These documents can be accessed on our website selectabio.com. In particular,

these documents can be accessed on our website selectabio com in particular


very excited by all of our new hires and look forward to working with them over the years ahead.

i'm very excited by all of our new hires and look forward to working with them over the years ahead


And over the next 5 years, I am confident this will unlock greater growth.

and over the next 5 years i am confident this will unlock greater growth


from each deal. The deals that we've already closed and then a dozen or so deals that we have in the

from each deal the deals that we've already closed and then the dozen or so deals that we have in the


from vendors and lowered the cost of its direct mail campaigns.


Okay. So does that mean then that from your perspective, the run rate margin

okay so does that mean then that from your perspective the run rate margin


We intend to leverage the improved operating performance

we intend to leverage the improved operating performance


The goal of this innovative program is to ensure a simple, safe and secure exit path

the goal of this innovative program is to ensure a simple safe and secure exit path


we can optimize that. But more importantly, the fact that we are having opportunities

we can optimize that but more importantly the fact that we are having opportunities


For details of the fourth quarter and 2015, I'm going to hand the microphone over to my partner,

for details of the fourth quarter in 2015 i'm going to hand the microphone over to my partner


sustainable alliances that generate value for the company and for the OTT players

sustainable alliances that generate value for the company and for the ott players


We're on pace to do that. We haven't said they're going to be in BC. We haven't said where they're going to be in the West,

we're on pace to do that we haven't said they're going to be in dc we haven't said where they're going to be in the west


deep value creating inventory of growth and modernization investments.

deep value-creating inventory of growth and modernization investments


and you didn't seem to have any capacity issues. What sort of capacity do you have? Because

and you didn't seem to have any capacity issues what sort of capacity do you have because


So that's a nice plus for us, but pretty flat overall. We will have

so that's a nice plus for us but pretty flat overall we will have


Looking ahead, we do not expect conditions to improve in Brazil in the near term

looking ahead we do not expect conditions to improve in brazil in the near term


focused on something that's not at the whims of oil prices in terms of development.


We will also continue to open new taverns when and where we have an opportunity to generate strong returns

we will also continue to open new taverns wherever we have an opportunity to generate strong returns


slightly better terms on the chain stores, which I think should improve margins and be a positive,

slightly better terms on the chain stores which i think should improve margins and be a positive


We received a few questions looking for clarification about this acquisition.

we received a few questions looking for clarification about this acquisition


As part of this acquisition of the remaining shares in the Body Corporate,

as part of this acquisition of the remaining shares in the body corporate


but interestingly and quite excitingly, we are now ready to push out on our energy reservoirs.

but interestingly and quite excitingly we are now ready to push out on our energy reservoir


please feel free to contact us. Thank you, and have a good evening, everyone.

please feel free to contact us thank you and have a good evening everyone


give us the ability, still we need the volume and we need the density but also to be more

give us the ability still we need the volume and we need the density but also to be more


at what our business struggled with back in the last downturn.


early stages, it's not going to be of the same scale that we would see in our van or tank businesses,

early stages it's not going to be at the same scale as what we would see in our van or tank businesses


Okay. And as we kind of work towards that 3-year time horizon, in terms of

okay and as we kind of work towards that 3-year time horizon in terms of


and it's an organization that we have respected for an awfully long time.


the opportunity to use the drug in that kind of a way, then we see it move pretty rapidly

the opportunity to use the drug in that kind of a way then we see a move pretty rapidly


and overall developing market performance in a more than challenging and volatile environment.


And then my second question is largely on exome. Could you give you -- give us a sense of the mix there?

and then my second question is largely on exome could you give us a sense of the mix there


as has been true for others who have gotten into the exome game,


which adds another essential avenue of access to capital markets in building out our new capital structure.


all the operator are losing market share in sales


and so that's why, okay, we will make sure before we make the move

and so that's why okay we will make sure before we make the move


We also promoted the new role of the pharmacist linked with travel health.

we also promoted the new role of the pharmacist linked with travel health


They don't install anything, they don't support anything. They never talk to a Jack Henry customer. The model was

they don't install anything they don't support anything they never talk to a jack henry customer the model was


Based on these data, we expect a regulatory decision in the second half of the year.

based on these data we expect a regulatory decision in the second half of the year


But we also need to ensure we don't make the process more complicated than it needs to be.

but we also need to ensure we don't make the process more complicated than it needs to be


Note, this comparison is to restated segment margins due to changes in our constant currency reporting.

note this comparison is to restated segment margins due to changes in our constant currency reporting


initially expected. But we do not really have exact figures to share with you at this point in time.

initially expected but we do not really have exact figures to share with you at this point in time


We will also keep on improving the efficiency of our marketing investment

we will also keep on improving the efficiency of our marketing investment


Thank you for your time this morning. I'd like to turn the call back over to Hal, and we look forward to your questions.

thank you for your time this morning i'd like to turn the call back over to hal and we look forward to your questions


of the new gasoline spec, which has driven increased butane blending demand

of the new gasoline spec which has driven increased butane blending demand


which provides flexibility to capitalize on new growth opportunities,


going forward and if anything, we could see it reverse.

going forward and if anything we could see it reverse


small but they're -- which aren't huge, but they are mighty in terms of it and they don't create any scripts for all practical purposes

small but they're -- which aren't huge but they are mighty in terms of it and they don't create any scripts for all practical purposes


Our strategy of investing across a diversified mix of assets based on favorable risk-reward,

our strategy of investing across a diversified mix of assets based on favorable risk reward


Okay. And is it something we could see this year? Or probably wouldn't be until next year

okay and is it something we can see this year or it probably wouldn't be until next year


In addition to the well-accepted relationship between dietary sodium and high blood pressure,

in addition to the well-accepted relationship between dietary sodium and high blood pressure


and profitable growth over the long term. And with that, I'll hand it over to Dave to talk through the financials.

and profitable growth over the long term and with that i'll hand it over to dave to talk through the financials


real estate and related intangibles to a newly formed nonprofit corporation,


This, in turn, has impacted admission and episode growth in these markets.

this in turn has impacted admission and episode growth in these markets


And so we certainly are digesting that and spending a considerable amount of time to make sure we do that right,

and so we certainly are digesting that and spending a considerable amount of time to make sure we do that right


This is an important metric for us. Now let's move to business.

this is an important metric for us now let's move to business


The quarterly trend improvement is partly related to phasing in project benefits.

the quarterly trend improvement is partly related to phasing in project benefits


and we've seen impact from that on the chemical side demand


With regards to our derisking activities, in addition to the reinsurance transaction discussed earlier,

with regards to our derisking activities in addition to the reinsurance transaction discussed earlier


We are impressed with that attention that the Europeans are paying to our technology.

we are impressed with that attention that the europeans are paying to our technology


it's imperative that we practice art, science and a heck a lot of common sense.

it's imperative that we practice art science and a heck of a lot of common sense


continued progress. You saw it and you've seen this grow in each of the last number of years. But if you think about

continued progress you saw it and you've seen us grow in each of the last number of years but if you think about


Thank you. Good morning, and thank you, everyone, for taking the time out to join us this morning

thank you good morning and thank you everyone for taking the time out to join us this morning


The second quarter was more back-end loaded than usual, causing us to bump above the normal range.

the second quarter was more back-end loaded than usual causing us to bump above the normal range


And I think it may be premature for us to speculate on what kind of disruption

and i think it may be premature for us to speculate on what kind of disruption


absorb more capacity, so the entire infrastructure in the factory is ready to

to absorb more capacity so the entire infrastructure in the factory is ready to


Let me now provide more detail on the key operational trends we experienced during the second quarter.

let me now provide more detail on the key operational trends we experienced during the second quarter


creating a new business and wanted to launch a full brand and a full business in less than 4 months,

creating a new business and wanted to launch a full brand and a full business in less than four months


our offerings and we're working with the customer with the offering. So we're putting some

our offerings and we're working with the customer with the offering so we're putting some


I will now pass you to Jim, who will take you through our financial results in greater detail.

i will now pass you to jim who will take you through our financial results in greater detail


obviously, no final decisions made yet, but any sort of new concepts being considered?

obviously no final decisions made yet but any sort of new concepts being considered


I don't think it's a surprise at this point. The worst pricing, what I'm curious about is

i don't think a surprise at this point the worst pricing what i'm curious about is


At the same time, we continued to reinvest in our business for future growth.

at the same time we continue to reinvest in our business for future growth


but we are quite convinced that it's possible to compensate


what you saw there in that level of activity and then the full year guidance? Like was it contemplated

what you saw there in that level of activity and then the full year guidance like was it contemplated


We are already seeing benefits of greater focus and discipline in this area.

we are already seeing benefits of greater focus and discipline in this area


Sales of Canadian retail mutual funds were modestly lower, even on a Canadian dollar basis.

sales of canadian retail mutual funds were modestly lower even on a canadian dollar basis


that should be more in line with its asset and investment appetite.


will provide a good base for copper prices to hold


And so we see lots of opportunity. But we're not getting to the point where we're being careless and,

and so we see lots of opportunity but we're not getting to the point where we're being careless and


improvement in the earnings per share and our strong cash flow position.


Positive demographics, strong retail trends and demands in the leisure and recreational lifestyle markets

positive demographics strong retail trends and demands in the leisure and recreational lifestyle markets


It is you that drive our business every day, and we are fortunate to have such a passionate group of supporters.

it is you that drive our business every day and we are fortunate to have such a passionate group of supporters


I don't want to throw out a specific number at this point in time.

i don't want to throw out a specific number at this point in time


will be sufficient to fund our operating expenses and capital expenditure requirements


as well as the revenue being stronger than we had thought at the beginning of the year. So

as well as the revenue being stronger than we had thought at the beginning of the year so


and our ability to take advantage of incremental opportunities, we are well positioned.

and our ability to take advantage of incremental opportunities we are well positioned


so on an assumption of a flat volume for some of our main businesses,


I have stated before that today you'd better be a disrupter or you will be disrupted.

i have stated before that today you better be a disruptor or you will be disrupted


we have not had a chance on our quarterly calls to talk very much about our oncology


We'll just have to see how the pace of the work is going. The demand is high, as you can see.

we'll just have to see how the pace of the work is going the demand is high as you can see


As mentioned on previous calls, there was a significant impact from Zika, which is more than we expected.

as mentioned on previous calls there is a significant impact from zika which is more than we expected


Actually, we are well positioned to win new contracts in the coming months.

actually we are well positioned to win new contracts in the coming months


But for the most part, that decline relates to the decline in the value of the peso against the dollar.

but for the most part that decline relates to the decline in the value of the peso against the dollar


We look forward to continuing to report on the progress that we are making in achieving these objectives.

we look forward to continuing to report on the progress that we are making in achieving these objectives


and it has to meet certain requirements for us. We're not going to just go do a deal to go do a deal.

and it has to meet certain requirements for us we're not going to just go do a deal to go do a deal


and is consistent with our overall objective of sustainable and responsible growth.


and the prior period amounts have been adjusted for those amounts previously reported.


when we converted to dollars in Mexico due to the depreciation of the Mexican

when we convert into dollars in mexico due to the depreciation of the mexican


history will tell us that fourth quarter will be good. So the insurance company will end up with a good year. So

history will tell us that fourth quarter will be good so the insurance company will end up with a good year so


Thank you for attending today's presentation. You may now disconnect.

thank you for attending today's presentation you may now disconnect


all while maintaining a conservative distribution coverage ratio


that's the kind of I think growth rate you should expect as we think about 2018 going forward.

that's the kind of i think growth rate you should expect as we think about 2018 going forward


who potentially we can provide additional technologies and products and equipment to, to let them expand

who potentially we can provide additional technologies and products and equipment to to let them expand their


drive hard and make enough progress where they can at least have that clear framework in place. So

drive hard to make enough progress where they can at least have that clear framework in place so


Is that all pretty much addressed? And can we be confident that there won't be something like this

is that all pretty much addressed and can we be confident that there won't be something like this


are those baked into kind of the overall rate adjustment that you may have already gotten?


These efforts, along with steady contributions from vehicle protection and pre-need,

these efforts along with steady contributions from biological protection and preneed


So we're now aggregating some of our software costs where we can lower

so we're now aggregating some of our software costs where we can lower


but based on what we now know of how Corficolombiana should perform,

but based on what we now know of how corriecolombiana should perform


denial of any requirement to provide compensation,


earlier, you talked about more precise spending of

earlier you talked about more precise spending of


When you cannot grasp the language, you cannot

when you cannot grasp the language you cannot


Our second quarter results were in line with our expectations and our full year remain

our second quarter results were in line with our expectations and our full year remain


Perhaps, the key phrase for last quarter and last year was inflection point.

perhaps the key phrase for last quarter and last year was inflection point


where we continue to see benefits and continue to be able to raise prices


due to the difficult economic and political situation in many markets in the world.


you guys are becoming a pretty big restaurant operator


We have weathered a great deal together and your talent and perseverance and grit have got us to a better place.

we have weathered a great deal together and your talent and perseverance and grit have got us to a better place


As it relates to sort of cash flow freed up from that endeavor,

as it relates to sort of cash flow freed up from that endeavor


And we don't want to give any guidance here on the sizing of any of

and we don't want to give any guidance here on the sizing of any of


but do you think there's going to be a big step-up in expenses related to that? And then

but do you think there's going to be a big step up in expenses related to that and then


of any product reform that we implement


that might be a speculation that you can get price increases after you've taken the contract.


just to put some more context around Jason, your concern about us not

just to put some more context around jason your concern about us not


right now. And as I think I mentioned before, and we checked the map again this morning,

right now and as i think i mentioned before and we checked the math again this morning


it's easy to kind of get overly enamored with equipment sales and all those kinds of things.


Please refer to the detailed note in the company's earnings release regarding forward-looking statements.

please refer to the detailed note in the company's earnings release regarding forward-looking statements


We've not yet moved this project into the backlog pending some further progress on additional commitments,

we've not yet moved this project into the backlog pending some further progress on additional commitments


Even after what will be rather significant investments

even after there will be rather significant investments


This liability was recorded in the second quarter at discounted present value.

this liability was recorded in the second quarter at discounted present value


So while the capital structure of our Indonesian business has changed,

so while the capital structure of our indonesian business has changed


fair to say that it's still sort of in that incubation stage? Or maybe you can give us an update there?

is it fair to say that it's still sort of in that incubation stage or maybe you can give us an update there


as well as some of the elevated non-recurring costs associated with the ramping up of the traffic.

as well as some of the elevated nonrecurring costs associated with the ramping up of the traffic


Our commercial team has already begun proactively reaching out to physician customers

our commercial team has already begun proactively reaching out to physician customers


Risks and uncertainties that may affect Quest Diagnostics future results include, but are not limited to,

risks and uncertainties that may affect quest diagnostics' future results include but are not limited to


Thank you for your participation and have a wonderful day. You may all disconnect.

thank you for your participation and have a wonderful day you may all disconnect


Now let me turn the call over to Penni to provide some more detail on the financials and the balance sheet.

now let me turn the call over to penny to provide some more detail on the financials and the balance sheet


to sort of get moving, that when these locations are fully mature,

to sort of get moving that when these locations are fully mature


from government regulation and taxes that are driving up the cost of our business.


growing inventory when everybody thought we didn't have any land to grow it off of.


As the tenure of our collectors continues to increase, it will have a direct and positive impact

as the tenure of our collectors continues to increase it will have a direct and positive impact


we would think of that as cash that should be returned to our shareholders in some form.


the premier corporate learning university for the defense acquisition workforce.


offering and sort of what you're seeing around the entire pad?


in the underlying metrics that personalization is the path we should be on


We did experience a modest decline in total international visitation compared to the prior year.

we did experience a modest decline in total international visitation compared to the prior year


The third one is, many of you might say, well, on the revenue side you have been flat,

the third one is many of you might say well on the revenue side you have been flat


With regard to the store opening and what we expect from those,

with regard to the store opening and what we expect from those


but also driving for continued improvements of the commercial execution.


much more of a requirement to ensure that there's a single point of entry, for example, for choice counseling, that

much more of a requirement to ensure that there's a single point of entry for example for choice counseling that


over multiple economic cycles and governmental administrations that will span the 10-year term of the notes.


And then lastly, I will tell you, we're seeing strong performance of our new stores that we just talked about

and then lastly i will tell you we're seeing strong performance of our new stores that we just talked about


It hasn't really affected the marketplace, per se, one way or another,

it hasn't really affected the marketplace per se one way or another


Year-to-date, direct operating expenses are also lower compared to last year

year-to-date direct operating expenses are also lower compared to last year


enabling us to focus our efforts and capital on strengthening the company for the long term.


Yes, I would echo that. I would also say that one of the reasons

yes i would echo that i would also say that one of the reasons


believing that we were saying something about our capital spending when we talked about the higher maintenance expenditure,


We're kind of excited because we started up some of our new specialty capacity around the world that allows us to ship


and it's all about value for them and value creation for us.


better uses of cash earlier on. And so those are the priorities, how I think about it. Jack, I know that

better uses of cash earlier on and so those are the priorities how i think about it jack i know that


they've been cutting back, and so that's been dampening the sales trend to a certain degree.

they've been cutting back and so that's been dampening the sales trend to a certain degree


we continued to make more investment in scientific innovation.


The diesel cracks have been relatively weak until recently, and they have actually started

the diesel cracks have been relatively weak until recently and they have actually started


and greatly enhance this operation's adoption of the Esterline operating system.

and greatly enhance this operation's adoption of the esterline operating system


With that, I'd like to turn the call back to Peter for an additional comment.

with that i'd like to turn the call back to peter for an additional comment


We remain very confident in our ability to execute our transformation agenda

we remain very confident in our ability to execute our transformation agenda


set of initiatives that are going to get us there. We have increasing confidence and we're going to execute things that are in front of us.

set of initiatives that are going to get us there we have increasing confidence and we're going to execute the things that are in front of us


But when you have these fully contracted pipelines like Transco, Northwest and Gulfstream, you

but when you have these fully contracted pipelines like transco northwest and gulfstream


On the back of stronger sales and efficiency gains in all business areas,

on the back of stronger sales and efficiency gains in all business areas


I would characterize the backlog as being similar as we have in the past with the exception of the

i would characterize the backlog as being similar as we have in the past with the exception of the


that tends to run at lower margins than the recurring revenue than the service side. So

that tends to run at lower margins than the recurring revenue than the service side of it so


And the quarter included a reimbursement of our legal fees as the prevailing party in that matter.

and the quarter included a reimbursement of our legal fees as the prevailing party in that matter


The increase was primarily driven by a greater contribution from policy charges and fee income,

the increase was primarily driven by a greater contribution from policy charges and fee income


that Probuphine has an important role to play in combating the epidemic of opioid addiction,

that probuphine has an important role to play in combating the epidemic of opioid addiction


or any changes in events, conditions or circumstances on which any such statement is based,

or any changes in events conditions or circumstances on which any such statement is based


I'd like to give you some crisp, perfect answer, but the truth be known, each quarter feels different,

i'd like to give you some crisp perfect answer but the truth be known each quarter it feels different


I want to emphasize that we will, however, continue to remain selective in these efforts

i want to emphasize that we will however continue to remain selective in these efforts


The average price of detached homes softened within parts of the GTA during the third quarter.

the average price of detached homes softened within parts of the gta during the third quarter


that is included in our tax return, resulting in a very low cash tax rate in the current year.

that is included in our tax return resulting in a very low cash tax rate in the current year


that are coming under increasing financial strain in the context of our weakening economy.


Just wondered if you could kind of give us a little bit more granular lay of the land on how you think

just wondering if you could kind of give us a little bit more granular lay of the land on how you think


The footprint of the factory is approximately the size of 2 very large Bunnings stores.

the footprint of the factory is approximately the size of 2 very large bunnings stores


what I would expect the market clearing multiples to be in the larger transactions.

what i would expect the market clearing multiples to be in the larger transactions


which gives me confidence in our ability to realize our vision of improving patients' lives.


and our newest release of our Crown Royal Noble Collection in the second half.

and our newest release of our crown royal noble collection in the second half


we haven't been in the strongest negotiating position as it relates to acquiring product.


So this is a new level of efficacy which is why we are already now planning

so this is a new level of efficacy which is why we are already now planning


Quality control and comparability testing of the engineering and clinical batches are ongoing.

quality control and comparability testing of the engineering and clinical batches are ongoing


Although we're in the early stages, I'm encouraged with the progress we're making.

although we're in the early stages i'm encouraged with the progress we're making


cost reductions and the learning curves, and that's how you'd get to the top end of that range.

cost reductions and the learning curves and that's how you get to the top end of that range


We will also invest in additional faculty, primarily in the College of Engineering and Technology.

we will also invest in additional faculty primarily in the college of engineering and technology


We manage the quality of the online student body by keeping the percent of graduate students

we manage the quality of the online student body by keeping the percent of graduate students


if we could, this is a ton of information and all of it is very high quality and very helpful.

if we could this is a ton of information and all of it very high quality and very helpful


Okay. And just a quick follow-up. On the seating, it sounds like you still have

okay and just a quick follow-up on the seeding it sounds like you still have


to get some benefit of increased scale, which I think gives us an opportunity to go north of that number.

to get some benefit of increased scale which i think gives us an opportunity to go north of that number


So I think looking at our quantity growth is really the true way to measure our success.

so i think looking at our quantity growth is really the true way to measure our success


which increasingly center around premiumization, snacking

which increasingly center around premiumization snacking


and we believe it will become a real alternative to a credit card, especially alongside the new cash-back program.

and we believe will become a real alternative to a credit card especially alongside the new cash back program


And I look forward to updating you on our progress on our future earnings calls

and i look forward to updating you on our progress on our future earnings calls


At these levels, the percentage modeling for taxes does not really work.

at these levels the percentage modeling for taxes does not really work


maintenance shutdown factor is


to do other things like share repurchase that will reward shareholders


and decreasing our leverage, in addition to being overall good stewards of the company's capital

and decreasing our leverage in addition to being overall good stewards of the company's capital


This repurposed production space has been retooled to support future production

this repurposed production space has been retooled to support future production


In summary, we are seeing strong growth in the fee revenues and expect this trend to continue going forward.

in some we are seeing strong growth in the fee revenues and expect this trend to continue going forward


observations about the environment around Cancun in terms of

observations about the environment around cancun in terms of


how we do in terms of keeping our people, developing our people and promoting our people,

how we do in terms of keeping our people developing our people and promoting our people


our operating expenses when industry conditions recover and revenues increase.


We do expect better results from program in the future. We have a new leadership for this segment.

we do expect better results from program in the future we have a new leadership for this segment


We believe MobileIron Access is the only solution in the market that solves the cloud app security challenge

we believe mobile iron access is the only solution in the market that solves the cloud app security challenge


it is very tough to see how you would have any realistic balance sheet risk at this point.


and profitability to the additional carrying and processing costs of the backlog equipment.

and profitability to the additional carrying and processing cost of the backlog equipment


To be honest, I feel this negativity has been way overblown.

to be honest i feel this negativity has been way overblown


to put them on advantaged assets through the work we're doing and supply chain reinvention. And so

to put them on advantaged assets through the work we're doing in supply chain reinvention and so


it's -- nothing's really changed in terms of what we're doing. The activity and the initiative is on track.

it's -- nothing's really changed in terms of what we're doing the activity and the initiative is on track


We're also assuming we have normal wind according to some of the historical averages

we're also assuming we get normal wind according to some of the historical averages


For clarity, we have shown the value generated from management actions separately.

for clarity we have shown the value generated from management actions separately


That said -- even if it's small at the beginning, if you see it being able to grow rapidly, that will be

that's -- so even if it's small at the beginning if you see it being able to grow rapidly that will be


very healthy livers. But there's more data from our work, and this trial in particular,

very healthy livers but there's more data from our work in this trial in particular


is to make sure that people are able to experience that. And that's what we've seen. As people experience this

is to make sure that people are able to experience that and that's what we've seen as people experience this


And we expect to complete our relationship with them

and we expect to complete a relationship with them


not because you are intending to do anything wrong, but because

not because you are intending to do anything wrong but because


Unfortunately, these positive results could not offset the negative impact

unfortunately these positive results could not offset the negative impact


So we're actually tracking fairly close to our internal expectations so far through the quarter.

so we're actually tracking fairly close to our internal expectations so far through the quarter


exactly how the test is run, what the timing is of the various market factors and so forth. But

exactly how the test is run what the timing is of the various market factors and so forth but


our sales do get hit in the first day, first week with all the activity.

our sales do get hit in the first day first week with all the activity


To summarize, all 4 of our segments grew organically for the first time in the third quarter.

to summarize all 4 of our segments grew organically for the first time in the third quarter


Excluding the impact related to the noncash deferred tax asset recognition,

excluding the impact related to the noncash deferred tax asset recognition


but have put a lot of emphasis on them in the last couple of years as the oilfield demand weakened.


We have been focused on converting existing renters to owners and are pleased with the trend we are seeing.

we have been focused on converting existing renters to owners and are pleased with the trend we are seeing


and similar expressions identify forward-looking statements that are inherently subject to risks


the risk that some of these initiatives that you've outlined, specifically the promotional activity, doesn't

what's the risk that some of these initiatives that you've outlined specifically the promotional activity doesn't


We expect that disposition volume will be lower, and the use of proceeds from such activity

we expect that disposition volume will be lower and the use of proceeds from such activity


We are still expecting services to grow. We have certain

we are still expecting services to grow we have certain


A lot of that was on working capital in terms of the swing in cash flow.

a lot of that was on working capital in terms of the swing in cash flow


Just wondering if you have seen that and what your outlook is on that going forward.

just wondering if you have seen that and what your outlook is on that going forward


The market offered us significantly more than we expected because

the market offered us significantly more than we expected because


Should we expect any sort of cost, I guess, related to the credit card news?

should we expect any sort of costs i guess related to the credit card news


and a more disciplined and programmatic approach bringing additional functions into our development efforts.


This demonstrates that our platform can deliver value and efficiency at scale for our advertisers.

this demonstrates that our platform can deliver value and efficiency at scale for our advertisers


Moving on to the remainder of our outlook. We expect

moving on to the remainder of our outlook we expect


But we did enter into a partnership with one of the large suppliers

but we did enter into a partnership with one of the large suppliers of


And we are unique in having the license as a private

and we are unique in having the license as a private


throughout the portfolio that were vacant and available for lease-up


early benefits. And of course the other side from our perspective is to bring to Manitoba

early benefits and of course the other side from our perspective is to bring to manitoba


put the majority of that capital to work or over what time frame would be your hope or expectation?


In the quarter, commercial rental revenue was unchanged from the prior year,

in the quarter commercial rental revenue was unchanged from the prior year


And then on the working capital in terms of the progress, is progress

and on the working capital in terms of the progress is progress


including progress on our product road map, status of our revenue pipeline

including progress on our product roadmap status of our revenue pipeline


In addition, emerging wireless technologies are driving significant wireline deployments.

in addition emerging wireless technologies are driving significant wireline deployments


and we are just getting started launching stronger marketing in conjunction with Amazon.

and we are just getting started launching stronger marketing in conjunction with amazon


I will now turn the call over to Steve to discuss our financial results in greater detail.

i will now turn the call over to steve to discuss our financial results in greater detail


and the Information business segment has been renamed Data Services.

and the information business segment has been renamed data services


getting our paper mills to make high quality lightweight paper that we use

getting our paper mills to make high-quality lightweight papers that we use


continue to believe our shares represent a compelling value at current levels,

we continue to believe our shares represent a compelling value at current levels


as a marker between now and the end of the year. We may be making adjustments to that.

as a marker between now and the end of the year we may be making adjustments to that


to seamlessly match risk and capital in the small commercial and consumer segment.


is that our bonus arrangements are driven off of earnings.


Yes, we keep our eyes open for those kind of deals, but I can tell you, we're looking for the

yes we keep our eyes open for those kind of deals but i can tell you we're looking for the


that I think are going to distort that number as far as just being a pure

that i think are going to distort that number as far as just being a pure


who needs complex IC design to solve their challenges.

who needs complex ic design to solve their challenges


resources around. We've had to adapt to that with the new org structure. So

resources around we've had to adapt to that with the new org structure so


of which we may get some funding on that we are looking at


where we've gone from half the number of subjects in the booster compared to


as well as some residual expenses associated with the closed schools.


I will tell you that what we're seeing is some aspirational prices being asked

i will tell you that what we're seeing is some aspirational prices being asked


we will be extending its mandate to include other digital services and solutions as well.

we will be extending its band-aid to include other digital services and solutions as well


Deposit specials or money market specials or something in order to bring in

deposit specials or money market specials or something in order to bring in


The third point I'd like to make is that pipe failure in the oilfield is a serious matter.

the third point i'd like to make is that pipe failure in the oilfield is a serious matter


Almost all trends were positive in the quarter and each incremental positive movement, however small,

almost all trends were positive in the quarter and each incremental positive movement however small


We do believe there will be a flattening of fuel demand over

we do believe there will be a flattening of fuel demand over


and we're finding through best practices as our teams get together and


This is still a main regulatory pushback for organic growth.

this is a -- still a main regulatory pushback for organic growth


And it's really interesting to watch when these markets get healthy,

and it's really interesting to watch when these markets get healthy


As described in the supplemental income provided in our operating results disclosure,

as described in the supplemental income provided in our operating results disclosure


they could -- they won't have to necessarily go to fiber. They could continue to deploy

they could -- they wouldn't have to necessarily go to fiber they could continue to deploy


As most of you know, we do not manufacture any of our products in China.

as most of you know we do not manufacture any of our products in china


and it is not the best argument for reducing our cost of risk, but when you're not growing

and this is not the best argument for reducing your cost of risk but when you're not growing


And that's why I believe our opportunities are expanding moving forward.

and that's why i believe our opportunities are expanding moving forward


Thus we are able to keep most of our expiring customers unless they outgrow the portfolio.

thus we're able to keep most of our expiring customers and let's say i grow the portfolio


combined with the fact that we got the royalty agreement, sort of, out with the operator this year

combined with the fact that we got the royalty agreement sorted out with the operator this year


realize that this transaction closed yesterday. And so from a guidance perspective,

realized that this transaction closed yesterday and so from a guidance perspective


In addition, revenues of our contract manufacturing services

in addition revenues of our contract manufacturing services


It is remarkable for all patients to reach this key time point of 20 months

it is remarkable for all patients to reach this key time point of 20 months


We are dedicated to that process and continue to make significant investments in that regard.

we are dedicated to that process and continue to make significant investments in that regard


And then also coming back to vision and security system, despite the fact that you have carved out some business,

and then also coming back to vision and security system despite the fact that you have carved out some business


to confirm that conclusion because of all the items that Bill talked about before. So

to confirm that conclusion because of all the items that bill talked about before so


So in this particularly disease category, that's rather significant when you look at the fact that

so in this -- particularly the disease category that's rather significant when you look at the fact that


You know the -- we have a very, very broad window within our

the -- we have a very very broad window within our


In addition, we expect to discuss certain financial measures and information that are non-GAAP measures

in addition we expect to discuss certain financial measures and information that are non-gaap measures


I just wanted to understand if you expect the competitive

i just wanted to understand if you expect the competitive


So in summary, we're very pleased with the progress that we're making on our efficiency initiative

so in summary we're very pleased with the progress that we're making on our efficiency initiative


companies as they continue to place automation within their operations. So

companies as they continue to place automation within their operations so


Let's turn now to a discussion of our revenue performance in our geographic regions.

let's turn now to a discussion of our revenue performance in our geographic regions


all of our investments in broadcast assets have provided nearly immediate value to shareholders.


It's comparable to the project which we currently already have in Colombia.

it's comparable to the project which she currently already has in colombia


send us an e-mail and we will be delighted to respond if time permits.

send us an email and we will be delighted to respond if time permits


for our shareholders. We're looking forward to seeing many of you tomorrow. Now I'll turn it over to John.

for our shareholders we're looking forward to seeing many of you tomorrow now i'll turn it over to john


Or we're spending money on that? Or we're not looking or paying attention to this? So there's a lot of opportunity.

or we're spending money on that or we're not looking there paying attention to this so there's a lot of opportunity and


There's no way to avoid this. The only way that you could avoid it would be if you chose to take more risk,

there's no way to avoid this the only way that you could avoid it would be if you chose to take more risk


the biggest single element is we need to make a very substantial reduction.


When you can comfortably pursue material growth opportunities

when you can comfortably pursue material growth opportunities


we have today initiated a material and sustainable dividend policy.


As you aware, we focus on local value being highly relevant, having a quality offer

as you're aware we focus on local value being highly relevant having a quality offer


We do continue to press just as aggressively as we've been pressing for the last couple of years on costs.

we do continue to press just as aggressively as we've been pressing for the last couple of years on costs


That's really enabled us to work very closely with them on developing new product.

that's really enabled us to work very closely with them on developing new product


For the remainder of 2018, we expect to participate only in vertical wells

for the remainder of 2018 we expect to participate only in vertical wells


We'll take a closer look at each product segment's results later on.

we'll take a closer look at each product segment's results later on


And with all of these new employees, we also ramped up our training efforts at the same time.

and with all of these new employees we also ramped up our training efforts at the same time


has demonstrated anything like the brightness we have in full color with high-pixel density.

has demonstrated anything like the brightness we have in full color with high pixel density


If you exclude the PPA impact to get an economic view on our profitability,

if you exclude the ppa impact to get an economic view on our profitability


And we additionally filed applications in Georgia, Alabama and Mississippi.

and we additionally filed applications in georgia alabama and mississippi


And so as we begin that process, we'll be looking at all aspects of

and so as we begin that process we'll be looking at all aspects of


And that's probably the best way to think about it as we enter the more inflationary environment.

and that's probably the best way to think about it as we enter the more inflationary environment


I will discuss the early experience with ENTYCE in more detail in a few moments.

i will discuss the early experience with entice in more detail in a few moments


We are pleased with these accomplishments and the continued expansion of our benchmark homebuilding brand.

we are pleased with these accomplishments and the continued expansion of our benchmark homebuilding brand


working the inventory down and how should we think about margins in the back half of the year?


if you've had any learning now in going through this where you're really


I think it also should make it more predictable for you guys to figure out the model,

i think it also should make it more predictable for you guys to figure out the model


a big part of our -- a component of our collections in Europe and now it's becoming so.

a big part of our -- a component of our collections in europe and now it's becoming so


And we're seeing the benefit from localization in a big way

and we're seeing the benefit from low utilization in a big way


But on its own way, that's good news because it demonstrates the progress that we're making on the restructuring.

in its own way that's good news because it demonstrates the progress that we're making on the restructuring


These forward-looking statements speak as of today, and you should not rely upon them as representing our views in the future.

these forward-looking statements speak as of today and you should not rely upon them as representing our views in future


speaking the language of the customer, having a global scale and painting a vision for the future.

speaking the language of the customer having a global scale and painting a vision for the future


the cold beverages that we're driving around afternoon made, I think we're feeling good about that. And let me

the cold beverages that we're driving around afternoon made i think we're feeling good about that let me


return on assets and return on tangible common equity. Return on assets

return on assets and return on tangible common equity return on assets


the securities yield bouncing back higher. Could you walk through that again and some of the reasons why you're starting to see

the securities yield bouncing back higher could you walk through that again and some of the reasons why you're starting to see


from revenue recognition change based on the sell into the channel?

from revenue recognition change based on sell into the channel


for Orica. Nothing is more important than safety, and that is why it's so regrettable

for aurica nothing is more important than safety and that is why it's so regrettable


and now the second quarter is the opposite phenomenon. So plate was high first quarter,

and now the second quarter is the opposite phenomenon so plate was high first quarter


So 1 is our ecosystem. And N means


the jetty and related facilities for refined products.


I don't think that is going to be something holding back. I think it's more going to be related to

i don't think that is going to be something holding back i think it's more going to be related to


Healthcare reform and minimum wage continue to be hot topics in the industry today.

health care reform and minimum wage continue to be hot topics in the industry today


it came out really, really weak and I think that's from the standpoint

it came out really really weak and i think that's from the standpoint


was driven by robust demand for new 3D inspection systems and sensors.

was driven by robust demand for new 3d inspection systems and sensors


amendments to their contracted position that's resulting in this margin pressure?


with a recognition that we have to be able to make changes


In closing, I would like to express my sincere thanks to our shareholders and supporters

in closing i would like to express my sincere thanks to our shareholders and supporters


and it's very obvious that Allergan is making a significant commitment

and it's very obvious that allergan is making a significant commitment


In short, these events did not meaningfully disrupt our operations or affect our margins.

in short these events did not meaningfully disrupt our operations or affect our margins


the best quarterly organic net new active number in PayPal's history.

the best quarterly organic net new active number in paypal's history


Let me also apologize for the delay in our press release crossing the wire this afternoon.

let me also apologize for the delay in our press release crossing the wire this afternoon


a good way to think about the full year or should we think about being maybe above that range?


We note that this guidance raise is inclusive of the impact of some of the tariffs

we note that this guidance raise is inclusive of the impact of some of the tariffs


That continues the trend that we've seen now for a number of years with the Qantas Group

it continues the trend that we've seen now for a number of years with the qantas group


ball sports seasons. So maybe you could just talk a little bit about some of these

fall sports seasons maybe you could just talk a little bit about some of these


What we see is customers -- our customers do not want to expand their manufacturing footprint.

what we see is customers -- our customers do not want to expand their manufacturing footprint


but I don't see us having an issue with hanging in the 2% range

but i don't see us having an issue with the hanging in the 2% range


wanted to see if you could give a little bit more color in terms of the relative


in our revenue mix to one that's more recurring in nature and, therefore, more predictable over the long run.

in our revenue mix to one that's more recurring in nature and therefore more predictable over the long run


We do not expect this filing to provide any new material information for investors.

we do not expect this filing to provide any new material information for investors


I am very proud to be a member of this winning team.

i am very proud to be a member of this winning team


is in a relatively low earnings quarter, it has a slightly bigger impact.

is in a relatively low earnings quarter it has a slightly bigger impact


with somewhat a softer approach in terms of the look and feel of our marketing campaigns.


This is, of course, very important and something that we're going to continue really drive going forward.

this is of course very important and something that we're going to continue really drive going forward


and relatively less when the share price is higher. Now looking at the segments.

and relatively less when the share price is higher now looking at the segments


But we are also confident in being able to grow share with not only the existing customers

but we're also confident in being able to grow share with not only the existing customers


We expect to announce significant improvements to the performance specifications

we expect to announce significant improvements to the performance specifications


we need to make our offerings more convenient.


amount of money and capacity in time to develop. But either way, we don't see anything

amount of money and capacity and time to develop but either way we don't see anything


Extensive proprietary studies and joint industry projects have shown great promise

extensive proprietary studies and joint industry projects have shown great promise


These loans can be repaid without penalty a few months in advance of maturity later in the year.

these loans can be repaid without penalty a few months in advance of maturity later in the year


Growth at all levels. This is precisely the position we're working to put ourselves in,

growth at all levels this is precisely the position we're working to put ourselves in


That concludes our prepared remarks. So with that, I'll turn it back to the operator for your questions.

that concludes our prepared remarks so with that i'll turn it back to the operator for your questions


During today's call, representatives of the company will make a number of statements that are forward-looking,

during today's call representatives of the company will make a number of statements that are forward-looking


yes. I mean, it's never a good idea to force investors to

yes i mean it's never a good idea to force investors to


We probably have 2 or 3 other ones that we think will be involved in RFPs sometime between

we probably have 2 or 3 other ones that we think will be involved in rfps sometime between


will then be put on audio and video in the Internet.

will then be put on audio and video in the internet


Okay. And just maybe a last one on Aerospace.

okay and just maybe a last one on aerospace